E-commerce platform Etsy announces layoffs of 220 employees and a $2 billion stock repurchase program as part of restructuring.
Etsy will reduce its workforce by approximately 12%, cutting around 220 jobs as part of a strategic restructuring effort. The move aims to streamline operations amid shifting market conditions and company performance.
The layoffs follow a period of rapid hiring during the pandemic, with Etsy expanding its workforce to meet surging demand. The company had previously reported a decline in active buyers and gross merchandise sales in recent quarters.
Alongside the job cuts, Etsy authorized a $2 billion share repurchase program, signaling confidence in its long-term financial position. The buyback plan was disclosed in a regulatory filing.